Normally, I’m not a fan of carrying a balance on a credit card. The interest rates are usually way to high, plus I should be paying off my cards each month. However, I sometimes find myself with debt from past vacations, Christmas, unforeseen car repairs, emergency dental work (ugh!) and the like.
I’m pretty good at only getting credit cards with low interest rates, but I still usually pay between 10% to 14% APR on several small balances. It’s not a lot, but it tends to add up over time. Recently, I started noticing 0% APR balance transfer offers from the credit card companies with time-frames lasting longer than a few months.
When I reviewed all of the cards, the Citi Diamond Preferred Card stood-out with the best low interest offer – 0% interest on balance transfers and purchases for 21 months with no annual fee and a low continuing APR of 11.99% after the first 21 months.
The Citi Diamond Preferred Card gives you two options to use the 21-month 0% APR – balance transfers and new purchases.
- Use the balance transfer option if you need to consolidate your credit cards or other loans. Once you get the card, you have 4 months to call Citibank and request balance transfers on the loans and cards you want to consolidate. There is one catch with a balance transfer – Citi will charge you a one-time 3% fee (with a $5 minimum) on the money you transfer. And they add this charge to your balance.
- The other option is to make new purchases on the card. With this option you are not charged any fees, and you get 0% interest for the first 21 months you have the card.
Once you’ve completed your balance transfers or made your new purchases, setup a payment schedule. To do this, divide the total amount you owe by 21 and pay off that much each month.
amount-you-owe / 21 = monthly-payment
Make sure to pay off your credit card within 21 months, or you will start getting charged interest on the remaining balance – currently 11.99%-20.99% depending on your credit worthiness.
So, as long as you pay off the loan in 21 months, or lower your interest rate with this no-annual-fee card – this is a fantastic deal.
Enjoy getting out of debt or making a new purchase while saving money with this 0% interest card. Apply for the Citi Diamond Preferred credit card now.
- 0% interest for 21 months (on purchases and balance transfers)
- No annual fee
- Low continuing APR of 11.99% (after 21 months)